The ₹ 500 notes currently in circulation were introduced after the government announced demonetisation of the old ₹ 500 and ₹ 1000 notes in November 2016. A viral post recently claimed that the RBI had issued a fresh notification allowing people to exchange old Rs 500 and Rs 1,000 notes — the same denominations that were withdrawn from circulation in November 2016. PIB Fact Check ने साफ कहा कि RBI ने ऐसा कोई आदेश नहीं दिया है, और 500 रुपये का नोट पूरी तरह से वैध और चलन में है. PIB Fact Check ने 500 रुपये के नोट बंद होने के वायरल मैसेज को पूरी तरह से झूठा और गुमराह करने वाला बताया है. The latest directive, known as the 500 Rupees RBI New Guideline 2024, addresses the exchange of old and damaged ₹500 notes, providing a systematic approach for citizens to replace their worn-out currency.

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